From a simple prompt generating a magnitude of product descriptions and customer recommendations to a 2-second-faster-page-load time increasing the highest e-commerce conversion rates, it is the time of the year to look at the top six E-commerce trends for 2024.
As we draw close to a phenomenal year 2023, Knack Systems brings to you the top six e-commerce trends for your business that will help shape B2B and B2C e-commerce success in consumer products, wholesale & distribution, building materials, manufacturing, and chemical industries.
A quick view into the top six E-commerce trends for 2024
- Generative AI (GenAI) for Business Commerce
- Composable Commerce
- B2B Omnichannel Commerce
- Network Commerce Model
- Mobile E-commerce Shopping
- Online Marketplaces
Generative AI for Business Commerce
Generative AI tops our list of the top six E-commerce trends for 2024. It is currently a focal point across major technology events, spanning industry giants like SAP, Microsoft, and other leading software entities. A significant majority, nearly six out of ten global industry decision-makers, have already integrated Generative AI into various business use cases. The State of AI x Commerce Report reveals that 64% of commerce leaders affirm the potential of AI to enhance customer experiences, providing a distinctive competitive advantage.
As the dominance of Generative AI technology continues its rapid ascent, businesses can anticipate a profound impact on B2B and B2C e-commerce in 2024, as predicted by Knack Systems:
- Enable Catalog Management and Product Discovery with AI
- Automate Mnaul Tasks with Curated Role-Based AI Tools
- Surface Customer Profile Intelligence in Context
- Create Personalized Content Powered by Generative AI
- Assisting in Cross-Selling and Upselling
Whether operating as a B2B or B2C entity, the transformative potential of Generative AI for e-commerce growth is unparalleled. As a specialized SAP Commerce Cloud partner catering to leading businesses across North America, Knack Systems is positioned to help businesses leverage this groundbreaking e-commerce revolution.
Composable Commerce
The global e-commerce landscape is undergoing rapid transformation, demanding businesses to embrace agility and stay abreast of the latest trends and technologies to outpace competition. Composable Commerce, an innovative paradigm, is reshaping the landscape of website and platform development and deployment.
According to the Elastic Path report, 72% of US retailers have already incorporated Composable Commerce to some extent, with an additional 21% planning adoption within the next year.
SAP Composable Commerce Cloud, with its modular design, enhances the flexibility, scalability, and usability of e-commerce websites, positioning itself as an essential platform for forward-thinking businesses. Knack Systems identifies three ways Composable Commerce can revolutionize your business:
- Seamless Integration: Diverse components or systems can effortlessly and efficiently integrate or connect to function together cohesively.
- Flexible Development: The development of complex systems or applications becomes flexible, scalable, and straightforward.
- Adaptive Infrastructure: Businesses can reap the benefits of an adaptive e-commerce infrastructure, enabling swift adjustments to changing market conditions.
Our expert in SAP Commerce Cloud has curated a compelling article to help you assess whether Composable Commerce is the right fit for your business: Unlocking the Power of Composable eCommerce
B2B Omnichannel Commerce
The contemporary consumer is exceptionally well-informed and possesses elevated expectations. In light of this, delivering an omnichannel experience becomes paramount to ensuring that your business remains accessible, responsive, and finely attuned to customer needs across various touchpoints—be it online, on social media, or in a physical store. The emphasis is on meeting customers where they are and crafting a seamless and personalized journey.
In the realm of 'Omnichannel Commerce,' there exists a staggering $3.3 trillion global opportunity for merchants who embrace the B2B Omnichannel Strategy. Here's why Knack Systems underscores the significance of omnichannel in today's B2B landscape:
- Unified Customer View: A cohesive understanding of customer interactions, preferences, and behavior across channels facilitates superior segmentation, personalization, and predictive analysis.
- Integrated Supply Chain: Channel integration streamlines the supply chain, mitigates errors, and elevates responsiveness, thereby optimizing operational efficiency.
- Competitive Differentiation: Amidst a saturated marketplace, a flawlessly executed omnichannel experience can serve as a key differentiator, fostering brand loyalty and ushering in new avenues for growth.
- Disruption of Traditional Models: By dismantling silos and integrating channels, omnichannel disrupts conventional business practices, paving the way for innovative models and strategies.
Embark on your B2B Omnichannel Commerce journey by delving into our exclusive e-commerce guide tailored for business leaders in consumer products, manufacturing, chemicals, building materials, and wholesale distribution: Download our exclusive B2B Omnichannel Commerce E-book now!
Network Commerce
Gartner predicts that by 2025, digital channels will account for 80% of all B2B sales interactions between suppliers and buyers.
Network Commerce, a rising digital commerce model, will impressively contribute to 80% of the sales forecast. If you are wondering what the Network Commerce model is all about, here is the explanation: A cloud-based B2B2C e-commerce solution for brands to leverage the network of their channel/customers/influencers and their network-based loyalty to find, attract, win, and serve end consumers.
Simply put, if you are a sports apparel brand, you can enable your B2B customers (dealers, distributors, & wholesalers) to set up their virtual stores on their commercial terms to sell your sports apparel to their sports clubs, teams, or fans. The end customers of each channel partner can enjoy priority-based shopping on their virtual stores with loyalty, discounts, and offers. This is how the Network Commerce model enables brands to extend and build better e-commerce and shopping experiences across the network. Several leading brands from the consumer products, wholesale distribution, and manufacturing industries are making waves with the new-age business commerce model.
Here are four reasons why the Network Commerce Model will be key to unlocking bigger B2B e-commerce potential.
- Inventory/space/cash Constraints: Retailers can sell the entire brand catalog without having to store inventory or worry about physical store space
- Endless Aisle/Inventory Challenge: Customers will never face product-nonavailability disappointment
- Manual Order Placement Problems: Channel partners can efficiently handle the time-bound event orders as the solution eliminates the manual effort of taking the event-based apparel specifications
- Automated aggregation: Allows automatic B2B2C order aggregation in one place to review and approve
Knack Systems is a trusted SAP Commerce Cloud partner and innovator of a robust B2B commerce collaboration solution, SeasonOne. If you would like to explore what the Network Commerce solution can do for your brand, we recommend you Book a Demo!
Mobile E-commerce Shopping
Mobile shopping has demonstrated a consistent upward trajectory in recent years, and this momentum is expected to persist in 2024. This highlights the crucial need for businesses to meticulously tailor their websites to cater to mobile devices. The dominance of mobile commerce underscores the importance of providing a seamless and user-friendly experience, allowing customers to navigate effortlessly and make purchases with just a few taps on their smartphones.
Insider Intelligence projects m-commerce sales to reach $534.18 billion, comprising 40.4% of e-commerce sales in 2024. The two primary devices propelling the m-commerce revolution are smartphones and tablets.
To ensure the success of mobile e-commerce shopping, Knack Systems recommends four essential steps:
- Develop a user-friendly mobile website: Design it based on principles of simplicity and ease of use.
- Streamline the checkout process: Minimize page load times and optimize content for smaller screens to enhance the overall efficiency of the purchasing journey.
- Integrate mobile payment options: Incorporate diverse mobile payment methods to improve the overall user experience and cater to varied preferences.
- Align with evolving buyer preferences: Stay attuned to the preferences of the ever-expanding online buyer demographic, adapting strategies to meet their evolving needs and expectations.
By implementing these steps, businesses can not only tap into the thriving mobile commerce landscape but also establish a competitive edge in the rapidly evolving digital marketplace.
Online Marketplaces
The B2B Marketplace Digital Model has emerged as the prevailing force among top B2B sales channels in 2023, positioning itself as a frontrunner in the upcoming 2024 trends that will shape B2B sales and e-commerce.
Taking a broader perspective, B2B e-commerce leaders should prepare for a significant transformation. Digital Commerce 360 stated sales on B2B marketplaces have witnessed a remarkable surge, jumping from 7% in 2022 to an impressive 12% in 2023, reaching a staggering $260 billion, a substantial increase from the $130 billion recorded in 2022. And the momentum continues! The number of B2B marketplaces has surged to 500, with projections anticipating 750 operational marketplaces by 2024 and an ambitious goal of reaching 1,000 within the next 5 years.
If you're embarking on the journey to establish or modernize your B2B marketplace, look no further! Knack Systems is your strategic partner, dedicated to propelling your business to new heights. Our tailored solutions not only strengthen customer and channel partner relationships but also foster exponential growth for your enterprise.
Final Thoughts:
In conclusion, as we stand on the cusp of 2024, the future of e-commerce appears dynamic and promising, filled with innovations that can significantly impact businesses across diverse industries. The top six E-commerce trends for 2024 outlined by Knack Systems provide a comprehensive roadmap for organizations looking to stay ahead in the competitive landscape of both B2B and B2C commerce.
Embracing the top six E-commerce trends for 2024 is not just a strategic move; it's a necessity for businesses aspiring to thrive in the evolving digital marketplace. Knack Systems stands as a guide, ready to assist businesses in navigating and harnessing the power of these trends for unprecedented success in the world of e-commerce.
